JPMorgan Chase & Co. Boosts Position in Dover Corp. (DOV)

JPMorgan Chase & Co. boosted its position in shares of Dover Corp. (NYSE:DOV) by 22.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,649,354 shares of the company’s stock after buying an additional 656,989 shares during the period. JPMorgan Chase & Co. owned about 2.35% of Dover Corp. worth $268,738,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of DOV. Salem Capital Management Inc. increased its stake in Dover Corp. by 4.9% in the second quarter. Salem Capital Management Inc. now owns 11,275 shares of the company’s stock worth $782,000 after buying an additional 525 shares during the period. FirstMerit Bank N A Trustee increased its stake in Dover Corp. by 11.4% in the second quarter. FirstMerit Bank N A Trustee now owns 6,933 shares of the company’s stock worth $481,000 after buying an additional 708 shares during the period. Exxonmobil Investment Management Inc. TX increased its stake in Dover Corp. by 6.4% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 40,160 shares of the company’s stock worth $2,784,000 after buying an additional 2,419 shares during the period. DNB Asset Management AS increased its stake in Dover Corp. by 6.0% in the second quarter. DNB Asset Management AS now owns 24,716 shares of the company’s stock worth $1,713,000 after buying an additional 1,400 shares during the period. Finally, British Columbia Investment Management Corp increased its stake in Dover Corp. by 26.6% in the second quarter. British Columbia Investment Management Corp now owns 98,655 shares of the company’s stock worth $6,839,000 after buying an additional 20,751 shares during the period. 84.08% of the stock is owned by hedge funds and other institutional investors.

Dover Corp. (NYSE:DOV) opened at 70.73 on Tuesday. The company has a market capitalization of $10.99 billion, a price-to-earnings ratio of 22.66 and a beta of 1.18. The stock’s 50 day moving average price is $68.80 and its 200 day moving average price is $70.09. Dover Corp. has a 12-month low of $50.91 and a 12-month high of $74.90.

Dover Corp. (NYSE:DOV) last issued its quarterly earnings results on Wednesday, October 19th. The company reported $0.83 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.01. The company had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.71 billion. Dover Corp. had a return on equity of 12.93% and a net margin of 7.29%. The firm’s revenue was down 4.5% compared to the same quarter last year. During the same period last year, the business posted $1.14 earnings per share. On average, equities research analysts anticipate that Dover Corp. will post $3.02 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Wednesday, November 30th will be given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.49%. The ex-dividend date of this dividend is Monday, November 28th. Dover Corp.’s dividend payout ratio is currently 56.05%.

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A number of research analysts have commented on the company. Susquehanna assumed coverage on Dover Corp. in a research note on Friday, October 7th. They set a “neutral” rating and a $77.00 price objective on the stock. Bank of America Corp. restated a “buy” rating and set a $85.00 price objective on shares of Dover Corp. in a research note on Thursday, October 6th. Zacks Investment Research cut Dover Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, October 6th. Stifel Nicolaus boosted their price objective on Dover Corp. from $65.00 to $72.00 and gave the stock a “hold” rating in a research note on Thursday, October 20th. Finally, Barclays PLC set a $68.00 price objective on Dover Corp. and gave the stock a “hold” rating in a research note on Tuesday, October 11th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $72.18.

In related news, VP Sandra A. Arkell sold 565 shares of the stock in a transaction dated Wednesday, October 26th. The shares were sold at an average price of $68.73, for a total value of $38,832.45. Following the completion of the sale, the vice president now owns 2,216 shares in the company, valued at $152,305.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jay L. Kloosterboer sold 11,501 shares of the stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $70.25, for a total transaction of $807,945.25. Following the completion of the sale, the insider now owns 64,615 shares of the company’s stock, valued at approximately $4,539,203.75. The disclosure for this sale can be found here. 2.60% of the stock is owned by insiders.

Dover Corp. Company Profile

Dover Corporation (Dover) is engaged in the manufacturing of equipment, components and specialty systems. The Company also provides supporting engineering, testing and other services. The Company operates through four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Energy segment provides solutions and services for production and processing of fuels across the world.